AUD/NZD Approaching Support, Prepare For A Bounce!

AUD/NZD is approaching its support at 1.0762 (61.8% Fibonacci extension, 61.8% & 38.2% Fibonacci retracement, horizontal overlap support) where we expect to see a bounce, causing the price to rise to its resistance at 1.0891 (100% Fibonacci extension, 61.8% Fibonacci retracement, horizontal swing high resistance). We do have to be cautious of the intermediate resistance at 1.0835 (50% Fibonacci retracement, horizontal overlap resistance).

Stochastic (55, 5, 3) is approaching its support at 3.8% where a corresponding bounce could occur. We have also identified a bullish divergence with the price which contributes to our bullish bias.

Buy above 1.0762. Stop loss at 1.0710. Take profit at 1.0891.


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